Set to install 1.5 Gigawatts of photovoltaic capacity by 2018, Central America is attracting attention from solar energy developers from around the world, according to a new report from IHS Technology.
According to IHS, the projected capacity of Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panamá will reach 22 Megawatts this year, up from 6 MW last year. In 2015, a leap to 243 MW is expected and from then, the solar energy market will continue to grow.
Photovoltaic generation won’t be limited to individual unit such as the one illustrating this article. Major generators and tenders are looking to blend in affordable renewable power in the electricity mix of Central America interconnected power grids.
About 70 percent of the electricity generated in Central America already comes from renewable sources, mainly hydro,” said Josefin Berg, senior analyst for solar demand at IHS. “Yet over the past few years, increasing power demand has been met with new thermal generation thanks to power generated from oil, coal and gas, increasing reliance on fossil fuel imports. To counteract this and to avoid future volatility in electricity pricing, governments have begun supporting the controlled deployment of renewables.”
You can read the full IHS Technology report, here.
Photo: John Barrie.